Oil climbed to nearly $97 a barrel on Wednesday due to a not expected draw in U.S. crude stocks offset worries over a U.S. recession.
U.S. crude rose 65 cents at $96.98 a barrel by 11:05 a.m. EST. London Brent crude traded 15 cents higher at $95.69.

"It was a shocking report. Crude oil stocks were down dramatically, partly because of lower imports and higher refinery runs," said Peter Beutel, president of Cameron Hanover. Many  commodities have started the year at record prices as investment funds try to diversify their portfolios to hedge against equity markets crisis. Gold and platinum hit their historical peaks on Wednesday. Oil hit a record high of $100.09 a barrel last week.

Equity markets have been very bearish, moving in the opposite direction, concerned by the slowing U.S. economy. The U.S. stock market has had its worst-ever five-day start to the year.

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